How Will Blockchain Shift the Payments Industry? The Debate at AFP 2018
Written by Allison Murray
Blockchain technology has been a hot-button topic since it was unveiled in 2008, with various camps believing it will—or won’t—completely disrupt the finance industry. Ten years later, the debate continues. Yet I believe we’re getting closer to finding an answer.
This year’s AFP 2018 conference charged the debate with more momentum than ever, pushing for answers as to what will be the vehicle that moves blockchain into the mainstream. Can blockchain truly shift the payments fraud paradigm? How will it change payment reconciliation and audits? And what are the best applications for identity protection and authentication?
Blockchain is poised to enhance payment processes which are, in some cases, still reliant upon manual input and other outdated tactics. But in the race to own the future of payments, companies are taking the foundations of blockchain technology to market in various, interesting ways. For example, BBVA just completed its first blockchain syndicated loan this week, helping secure a $150 million loan for a Spanish grid operator using the Ethereum blockchain.
Blockchain is proving to be a solution for real-time transfers and streamlining reconciliation, and the opportunity is there to increase transparency and efficiency in treasury operations. Understanding this, the organizers of AFP 2018 made the topic of blockchain technology applications front and center to the event.
Seeing the banking industry in the United States—known for being behind the times on payments compared to other Western countries—taking interest in these forward-thinking, innovative topics is inspiring for companies like CheckAlt that focus on creating strategic partnerships and investing in innovative products and technologies.
One way CheckAlt has taken an active part in this movement by providing clients who use CheckAlt’s lockbox processing, electronic bill payments, loan payment processing, and merchant services products with the capability to accept cryptocurrency as payment, starting with Bitcoin in early January 2018.
We are experiencing an exciting time of innovation in all industries, and I believe blockchain presents an opportunity to deliver the most efficient, secure payments.
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